Lifetime Gift from a Retirement Account
Under Pension Protection Act of 2006 - IRA
- You must be 70½ at the time you direct your IRA administratior to transfer the funds to the University of Pittsburgh.
- The transfer must be directly from the IRA to the University of Pittsburgh.
- Gifts cannot exceed $100,000 per year in 2006 and 2007.
- State income tax may still be due.
- You do not qualify for an income tax charitable deduction.
BE SURE TO:
Consult carefully with your plan administrator and your financial advisors before making any lifetime gift from your retirement plan.
For more information